Home Mortgage Help

by Linda from Brooks, Kentucky USA

Ask Kate for Home Mortgage Help: Hi Kate, I received approval on a mortgage loan, along with loan number. The bank called this morning and advised we were approved for our mortgage. She gave us the loan number, loan administrator's name and phone number etc. She said there were no conditions for closing.

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Linda continues... Now I have a huge list from the loan officer stating all these conditions we have to meet before final (?) loan approval! I'm devastated as I already called our landlord to give 30 day notice. Help! What's going on?

Kate Answers: Home Mortgage Help

***zz-portrait-left.shtml*** Dear Linda, It's not right and it shouldn't happen! Mortgage borrowers deserve better!

But right now you will have to make a decision. Call the supervisor to complain or accept that whoever called you didn't want to take the time to tell you of conditions.

Just to make sure you don't get me wrong, I'll repeat it. It's not right and it shouldn't happen! Home loan borrowers deserve better!

But the fact is many of the big banks have never been too interested in their borrowers and the recession has taken a further toll on their customer service.

So my advice is to break down the loan conditions one by one. As you gather paperwork, cross them off the list. Package them all up tidy AND complete. Set aside whatever else you have going on in your day and deliver them in person, if possible.

And don't forget to call the landlord back for an extension on the rental or make alternative living arrangements if necessary.

More Home Mortgage Help

I have also included more home mortgage help at the bottom of this page. Be sure to check out the articles like 10 Steps To Low Mortgage Payments which addresses the 'I only need one more piece of paper from you' ordeal. You'll find eye-opening information on my website, many applicable to both refinance and buying a house.

Ask Kate another question here.

Best wishes,

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What is the minimum credit score for purchasing a home?
by: Cody from Summerville, GA

Kate, what is the minimum credit score for purchasing a home?

Hi Cody, Kate here...

Thanks for asking! This is a great question.

First of all, there is no set-in-stone minimum credit score requirement for buying a house. It depends on the mortgage program.

The minimum credit score on one program could be as high as 650 while another as low as 580, such as FHA home loan financing.

To make matters even more confusing, individual lenders may raise the bar on minimum credit scores. So get pre-approved with the best qualified lender before starting your home search.

Best wishes, Kate

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You can also ask Kate about your mortgage at Ask Kate About Buying a House.

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